U S Physical Therapy (USPH) Operating Margin (2009 - 2026)
U S Physical Therapy (USPH) reported Operating Margin of 10.25% for Q2 2026, down 2.38 percentage points from 12.64% a year earlier but up 3.96 percentage points from the prior quarter.
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Analysis
U S Physical Therapy (USPH) Operating Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, U S Physical Therapy's Operating Margin came in at 9.42%, down 1.14 percentage points year-over-year; for FY2025, it came in at 11.10%, up 1.72 percentage points from FY2024.
- Operating Margin has a five-year change of -1.29 percentage points (FY2020 to FY2025).
- By year, Operating Margin came in at 9.38% in FY2024 (+1.03 pp), 8.35% in FY2023 (-1.92 pp), 10.27% in FY2022 (-4.00 pp) and 14.27% in FY2021 (+1.88 pp).
- Five-year quarterly Operating Margin spans a low of -1.57% in Q4 2023 and a high of 14.28% in Q2 2022.
- Year over year, Operating Margin has now declined in each of the last three quarters, with an average year-over-year change of +1.22 percentage points over the last eight quarters.
- The high point for year-over-year Operating Margin in five years was Q4 2024 (a gain of 12.46 percentage points); the low point was Q4 2022 (a drop of 7.87 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at 6.29% (Q1 2026), 8.27% (Q4 2025) and 12.85% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | HCA Healthcare | 106.37 Bn | 104.21 Bn | 17.03 Bn | 15.00% |
| 2 | Natera | 45.03 Bn | 40.66 Bn | 513.47 Mn | -8.60% |
| 3 | Labcorp Holdings | 30.12 Bn | 28.22 Bn | 1.11 Bn | 10.55% |
| 4 | Quest Diagnostics | 28.44 Bn | 26.52 Bn | 1.04 Bn | 15.47% |
| 5 | Guardant Health | 20.93 Bn | 16.54 Bn | 236.15 Mn | -36.78% |
| 6 | BrightSpring Health Services | 14.41 Bn | 11.29 Bn | 518.55 Mn | 3.81% |
| 7 | Tempus AI | 14.27 Bn | 11.42 Bn | 266.70 Mn | -13.82% |
| 8 | Encompass Health | 13.98 Bn | 14.44 Bn | 1.54 Bn | 13.86% |
| 9 | Davita | 11.35 Bn | 10.22 Bn | 1.13 Bn | 13.95% |
| 10 | U S Physical Therapy | 1.48 Bn | 1.71 Bn | 43.03 Mn | 11.28% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 11.28% |
| Jun 30, 2026 | 10.25% |
| Mar 31, 2026 | 6.29% |
| Dec 31, 2025 | 8.27% |
| Sep 30, 2025 | 12.85% |
| Jun 30, 2025 | 12.64% |
| Mar 31, 2025 | 10.69% |
| Dec 31, 2024 | 10.89% |
| Sep 30, 2024 | 7.65% |
| Jun 30, 2024 | 9.31% |
| Mar 31, 2024 | 9.59% |
| Dec 31, 2023 | -1.57% |
| Sep 30, 2023 | 10.59% |
| Jun 30, 2023 | 13.24% |
| Mar 31, 2023 | 11.45% |
| Dec 31, 2022 | 4.81% |
| Sep 30, 2022 | 10.67% |
| Jun 30, 2022 | 14.28% |
| Mar 31, 2022 | 11.41% |
| Dec 31, 2021 | 12.68% |
API Access
U S Physical Therapy Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=USPH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "USPH", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=USPH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();